Korean Officials: Amid Competition, South Korea Strives to Maintain its Edge in the Chip Industry

Odaily News: South Korea's Minister of Trade, Industry and Energy, Ahn Duk-geun, stated that unless the country helps chip manufacturers accelerate investment, it risks losing its advantage in the semiconductor industry due to intensifying global competition. Ahn Duk-geun said that the global memory chip market is expected to grow to approximately $1 trillion by the end of this decade, and speed will become a decisive competitive advantage. He added that since semiconductor customers rarely switch suppliers once they adopt a product, South Korea cannot afford to lose market share at a time of rapidly growing demand.

Ahn Duk-geun pointed out that South Korea currently holds about 65% of the global memory chip market. He also warned against pushing for a broader redistribution of industry profits. Ahn Duk-geun stated that rather than discussing how to distribute the chip industry's windfall, policymakers should focus on helping companies reinvest their capital. (Jin Shi)